News Wrap-Up - Issue 237

This News Wrap-Up Brought To You By:

CCH’s Accounting Research Manager

SBC’s Web Advantage

THIS WEEK'S NEWS
  1. FASB Issues Proposed Stock Option Rule
  2. Charities Next to Feel Regulators’ Scrutiny
  3. Taxpayer Alert: Frivolous Tax Refund Claims on Stock Options
  4. KPMG Creates 404 Institute to Facilitate Financial Reporting Dialogue
  5. Audit Industry Cleans Itself Up, With Push From Congress
  6. Stiff Court Penalties for Frivolous Appeals to Delay IRS Collections
  7. Microsoft Releases Office Solution Accelerator for Sarbanes-Oxley
  8. SEC Investigates Executive Compensation at Tyson Foods
  9. IRS Warns of "Corporation Sole" Tax Scam
    10.GAO Amends CPE Requirements for Government Audits

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*** PLATT’S PERSPECTIVE ***

A couple of weeks ago, "Platt's Perspective" focused on whether or not systems and attitudes have really changed in the new era of "accounting reform" - on whether the lessons of the last two years have been heeded by corporate America.

Everyone who wrote in felt that many of the changes have simply been cosmetic, and believed that there have been no significant fundamental shifts in the way that corporate America conducts business. This is a fundamental ethics problem if it is true, and an even bigger marketing problem if it isn't true.

The lesson here? If you TRULY believe that your organization has made lasting changes to restore confidence of employees and the public, then get up on the rooftop and shout so that everyone is aware that your company IS truly different from all of the others that are perceived to have just adopted window dressing in response to public outcry. And if you think your organization is still operating at the status quo, get up on the rooftop and shout about that as well.

Michael Platt
Founder
AccountingWEB, Inc.

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THIS WEEK'S NEWS
  1. FASB Issues Proposed Stock Option Rule

As expected, the Financial Accounting Standards Board moved this week to require employee stock option pay be shown as an expense on company financial statements, beginning next year.

  1. Charities Next to Feel Regulators’ Scrutiny

You write that check to your favorite charity, send it off and feel pretty good about your philanthropic gesture, right? Federal and state regulators are taking steps to make sure that tax-deductible donation is being used properly by the nonprofit receiving it.

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  1. Taxpayer Alert: Frivolous Tax Refund Claims on Stock Options

Last week, the Treasury Department and the IRS issued a notice cautioning taxpayers against promoters who purport to offer ways in which the taxpayers can avoid income tax or alternative minimum tax (AMT) from the exercise of stock options. The notice warns taxpayers that any claims made by taxpayers will be treated as frivolous in appropriate cases and outlines the various civil and criminal penalties that could apply.

  1. KPMG Creates 404 Institute to Facilitate Financial Reporting Dialogue

KPMG has announced the establishment of the 404 Institute, an open forum designed to inspire the exchange of ideas and the development of research, leading practices, and a range of activities related to meeting the requirements of Section 404 of the Sarbanes-Oxley Act of 2002.

  1. Audit Industry Cleans Itself Up, With Push From Congress

A report was released last week on substantial progress made since 2002 in righting some of the wrongs in the accounting and auditing industry that came to light following a spate of corporate scandals.

MORE HEADLINES...

  1. Stiff Court Penalties for Frivolous Appeals to Delay IRS Collections
  2. Microsoft Releases Office Solution Accelerator for Sarbanes-Oxley
  3. SEC Investigates Executive Compensation at Tyson Foods
  4. IRS Warns of "Corporation Sole" Tax Scam
  5. GAO Amends CPE Requirements for Government Audits

$$ PREMIUM SUBSCRIPTION CONTENT $$

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  1. Ways to Get the Most From Negotiating Via Email
  2. Coping with Time Pressure in an "I Want it Now" World
  3. Top Secrets to Hiring the Best People for Your Firm

HOT TOPICS ON ACCOUNTINGWEB

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  1. Homeowners Could See New Tax Break on PMI
  2. H&R Block Broker Branch Under Scrutiny; Computer Server Stolen
  3. Tax Time Practices Jeopardizing Americans' Financial Plans
  4. Federal Grand Jury Indicts Delusional Anti-Tax Crusader
  5. Google Search Results Anger California Accountant; Suit Filed

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WHAT'S ON ACCOUNTINGWEB


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